Veracyte, Inc. (NASDAQ:VCYT) Position Lowered by Perkins Capital Management Inc.

Perkins Capital Management Inc. cut its holdings in shares of Veracyte, Inc. (NASDAQ:VCYT) by 4.0% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 90,200 shares of the biotechnology company’s stock after selling 3,730 shares during the quarter. Veracyte comprises approximately 3.2% of Perkins Capital Management Inc.’s portfolio, making the stock its 7th largest holding. Perkins Capital Management Inc.’s holdings in Veracyte were worth $3,572,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. HighTower Advisors LLC purchased a new position in Veracyte in the third quarter worth about $554,000. Eventide Asset Management LLC lifted its position in shares of Veracyte by 20.2% during the 3rd quarter. Eventide Asset Management LLC now owns 677,883 shares of the biotechnology company’s stock valued at $23,075,000 after buying an additional 113,883 shares in the last quarter. Erste Asset Management GmbH purchased a new position in shares of Veracyte during the 3rd quarter valued at about $574,000. Neo Ivy Capital Management purchased a new position in shares of Veracyte during the 3rd quarter valued at about $820,000. Finally, Intech Investment Management LLC purchased a new position in shares of Veracyte during the 3rd quarter valued at about $723,000.

Analyst Ratings Changes

A number of research firms have recently weighed in on VCYT. Needham & Company LLC reaffirmed a “buy” rating and set a $51.00 price objective on shares of Veracyte in a research report on Tuesday, February 25th. UBS Group lifted their target price on Veracyte from $46.00 to $49.00 and gave the company a “buy” rating in a research note on Tuesday, February 25th. StockNews.com downgraded Veracyte from a “buy” rating to a “hold” rating in a research note on Wednesday, February 26th. The Goldman Sachs Group reissued a “neutral” rating and set a $37.00 target price (down previously from $38.00) on shares of Veracyte in a research note on Thursday, December 5th. Finally, Craig Hallum assumed coverage on Veracyte in a research note on Thursday. They set a “buy” rating and a $45.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, Veracyte presently has a consensus rating of “Moderate Buy” and an average target price of $43.22.

Veracyte Price Performance

NASDAQ:VCYT opened at $31.82 on Monday. Veracyte, Inc. has a 1 year low of $18.61 and a 1 year high of $47.32. The stock’s 50 day simple moving average is $38.53 and its two-hundred day simple moving average is $37.72. The company has a market cap of $2.48 billion, a price-to-earnings ratio of -212.13 and a beta of 1.80.

Veracyte (NASDAQ:VCYT) last released its quarterly earnings data on Monday, February 24th. The biotechnology company reported $0.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.29 by $0.07. Veracyte had a positive return on equity of 3.02% and a negative net margin of 2.18%. The business had revenue of $118.63 million for the quarter, compared to the consensus estimate of $110.73 million. During the same quarter in the previous year, the company posted ($0.39) EPS. As a group, analysts anticipate that Veracyte, Inc. will post 0.68 EPS for the current year.

Insider Transactions at Veracyte

In other news, Director Karin Eastham sold 10,000 shares of Veracyte stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $40.30, for a total value of $403,000.00. Following the completion of the transaction, the director now owns 18,497 shares in the company, valued at approximately $745,429.10. The trade was a 35.09 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.30% of the company’s stock.

Veracyte Profile

Veracyte, Inc engages in the research, development and commercialization of diagnostic products. The firm’s portfolio includes Afirma, Percepta, and Envisia. It intends to treat thyroid cancer, improve lung cancer screening, and clarify the diagnosis of idiopathic pulmonary fibrosis. The company was founded by Bonnie H.